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News with a focus on real estate, finance and the marketplace.

Toronto realtors warn against foreign tax, forecast another hot year in market

Toronto realtors warn against foreign tax, forecast another hot year in market

Expect another very strong year in the Toronto housing market. The Toronto Real Estate Board forecasts that home sales will once again come in at around 110,000 in 2017, just shy of the 113,133 sales reported for 2016. The forecast is based in part on an Ipsos poll of buyers’ intentions conducted late last year….

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

2016 another record year for housing, land sales, though inventory near “crisis” levels

2016 another record year for housing, land sales, though inventory near “crisis” levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

2016 another record year for housing, land sales, though inventory near "crisis" levels

2016 another record year for housing, land sales, though inventory near "crisis" levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

Tighter conditions in Toronto condo market for buyers and renters: TREB

Tighter conditions in Toronto condo market for buyers and renters: TREB

Home buyers, particularly first-time buyers, continue to face challenging conditions in Toronto. The assumption that newcomers to the city, downsizers, and first-time buyers will find the home they are looking for in Toronto’s thriving condominium market is being put to the test as never before. The latest numbers from the Toronto Real Estate Board show…

Toronto spillover effect drives housing prices in surrounding cities: CMHC

Toronto spillover effect drives housing prices in surrounding cities: CMHC

All relationships have their ups and downs. For the past thirty-five years, Toronto’s relationship with surrounding municipalities has shown a certain level of consistency, but there have been blips that would strain any relationship, notably the recession of 2008. According to Canada Mortgage and Housing Corporation, for the relationship in question concerns housing markets, Toronto’s…

When considering a condo purchase, be sure to check out the builder

When considering a condo purchase, be sure to check out the builder

Conversations about the Toronto housing market invariably focus on a couple of key, related issues. Affordability is one, availability the other. Whether talking about the resale market or the new homes market, the high cost of housing tends to dominate discussions. One of the main reasons for the high cost is, of course, the lack…

National home sales up in December as supply tightens

National home sales up in December as supply tightens

It is assumed that Canada’s housing markets will see a slowdown in activity this year as buyers adjust to the new realities of stricter mortgage rules, but then again, maybe not. In December, sales were up 2.2 per cent compared to the previous month, reports the Canadian Real Estate Association, after a sharp drop in…

Condo rents rising fast in undersupplied Toronto market

Condo rents rising fast in undersupplied Toronto market

Toronto can’t build enough condominiums to satisfy the demand from both owners and renters. For the first time since 2011, the number of condos leased through the MLS system in 2016 declined by 2 per cent, says condo research firm Urbanation. The decline was the result of delays in condo completions, caused by labour disruptions…

Home price growth to moderate in 2017, supply will remain key issue: Royal LePage

Home price growth to moderate in 2017, supply will remain key issue: Royal LePage

Home buyers in the Toronto area can take some slight comfort in the latest housing market forecasts from Royal LePage. If the realtor is right, home prices in the GTA will continue to rise throughout 2017, but not as steeply as last year. Royal LePage is calling for an aggregate price increase of 10 per…

Breakneck pace in Toronto's luxury home market for 2016: Sotheby's

Breakneck pace in Toronto's luxury home market for 2016: Sotheby's

All real estate, as the experts continually remind us, is local. It isn’t that the wider world has no influence on the local housing market; it’s a question of how much. And in the case of Toronto in 2016, local forces outweighed global ones, at least in the top-tier of real estate, the luxury market….

Breakneck pace in Toronto’s luxury home market for 2016: Sotheby’s

Breakneck pace in Toronto’s luxury home market for 2016: Sotheby’s

All real estate, as the experts continually remind us, is local. It isn’t that the wider world has no influence on the local housing market; it’s a question of how much. And in the case of Toronto in 2016, local forces outweighed global ones, at least in the top-tier of real estate, the luxury market….

Housing starts exceeded expectations in December

Housing starts exceeded expectations in December

The year 2016 ended on an upbeat with a surge in new home construction in Canada. The number of new homes, seasonally adjusted, rose 10.5 per cent from November to December, with increases in Ontario, Quebec and the Prairies. Multi-unit construction slowed for the third consecutive month, according to Canada Mortgage and Housing Corporation, while…

Record year for home sales closes as supply problem looms over future

Record year for home sales closes as supply problem looms over future

It’s official: 2016 was a record year for home sales in Toronto, the second consecutive year to set such a record. The Toronto Real Estate Board released its sales numbers for December, and they show an annual increase of 8.6 per cent. Altogether, 113,133 homes were sold through the TREB MLS system in 2016, an…

Strong interest in home ownership persists, renovation business booming

Strong interest in home ownership persists, renovation business booming

You have to wonder whether Ontarians who express an intention to buy a home in this province in the next two years aren’t a little deluded. Half of them, including Torontonians, say they are “likely” to buy a detached home. In the case of the Toronto residents, that’s an increase of 21 per cent from…

Housing supply continues downward trend as prices rise

Housing supply continues downward trend as prices rise

Does this sound familiar? The costs of land and materials are rising, and there are not enough finished lots in the neighborhoods where people want to live. Builders are “hamstrung” by regulations that cost them up to a quarter of the price of a new home. A “huge” labour shortage makes it harder to find…

Housing affordability slipping in Canada, but mostly in Toronto and Vancouver

Housing affordability slipping in Canada, but mostly in Toronto and Vancouver

Depending on where they live and what kind of home they are looking for, Canadians could find it more of a struggle to afford what they want. RBC says owning a home in Canada became less affordable in the third quarter of this year than at any time in the last eight years. The index…

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